Sold for $4,110,000

500 Kent Manor Drive
Stevensville, MD 21666

Beds: 24

Acres: 226.37

Description

The Kent Manor Inn is under contract for $3,800,000.  The hearing to approve the sale is scheduled for Monday, December 5, 2016 at the US Bankruptcy Court, District of Maryland.  If you are interested in submitting a higher and better bid, pursuant to the proposed bidding procedures, you must submit your offer and $200,000 deposit by November 30, 2016 by 5:00pm EST and participate in the auction scheduled for December 1, 2016 at 10:00am EST to be held at Yumkas, Vidmar, Sweeney & Mulrenin, LLC, 1919 West Street, Suite 200, Annapolis, Maryland.  Any additional offers must be at least $4,000,000.  Please refer to the proposed Bidding Procedures and the Motion to Sell Property filed with the US Bankruptcy Court for details.  You may also download the "Property Package" for more details. 

Ideally located on Kent Island, we are offering For Sale 226.37+/- acres of waterfront property located along Thompson Creek and Cox Creek, two beautiful tributaries that feed into the Chesapeake Bay.    With expansive water views and historic coastal appeal, this property is well-located just minutes from Route 50 and the Bay Bridge and only a short distance to Annapolis and the Washington, DC metro area.  The property includes an income producing, 3-story, 24-room, 18,496+/- SF resort lodging facility built in 1820.  Additional property features include a breakfast room, outdoor pool, dock, waterfront gazebo, and two enclosed banquet/meeting spaces seating 150 and 299, respectively.   Further, The Preserve, which is the temporary tent structure, will be able to accommodate up to 700 guests with the addition of a sprinkler system.  Once installed, The Preserve is believed to be the second largest banquet/meeting space on the Eastern Shore, second only to the Hyatt Cambridge. 
 
For easy property management and maintenance, there is a small residence near the main Inn building for a caretaker along with several storage buildings.   In addition to the real estate being included in this offering, our client is also including all of the personal property and on-going business assets of the operating entity.
 
With significant residential development adjacent to the property currently under construction by several major builders, this parcel has all the earmarking for future residential development in Queen Anne’s County.  The entire property is zoned CS with Hotel Resort overlay, allowing up to 125 hotel rooms, 22 of which already have final plan approval, as well as allowing uses ancillary to a resort hotel.  On March 25, 2015, the County granted final approval for a major site plan.  Public water and sewer are nearby, giving this property an additional edge for growth.  The connection fees for the sewer and water access are already being paid by the owner, helping to reduce the cost to bring public sewer to the property.   These water and sewer approvals will be a significant driver in future residential/mixed-use land development approvals in the near future when Queen Anne’s County reviews and modifies its master plan commencing 2017 and this land is included in the Stevensville Master Planned Development (SMPD) District. 

According to Queen Anne’s County Ordinance No. 12-02, “Maximum density for a SMPD District development shall be 3.5 dwelling units per acre for that portion of the development used for residential purposes and 4.375 dwelling units per acre if TDRs are used unless apartment development is proposed which may allow up to 20 units per acre… “   This could equate to the potential development of over 600 Single Family Dwellings.  The statutory Stevensville master planning cycle commences in 2017 and could last up to one year.
 
The property is available for inspection by appointment.  In addition to the submission of all-cash, non-contingent offers, the owner will also consider a joint venture agreement with third party hospitality management services for the on-going business activities and real estate development of the property.  

Details

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